Jump to content
House Price Crash Forum
Sign in to follow this  
pjw

Bank Of Scotland Mortgages

Recommended Posts

I am one of the unfortunates on a Bank of Scotland mortgage.

Now on the Standard Variable rate - itself an extortionate 4.95%, I noticed today that the Homemover mortgage for existing BoS mortgage customers for further advances when porting an existing product is a mortgage with an initial tracker rate of 6.19% for 2 years (5.69 percentage points above the Bank Rate) and then the SVR thereafter, with a fee of £995!

Despite "years of low interest rates" criticised in the papers - I don't seem to be able to get low rates myself.

Share this post


Link to post
Share on other sites

Again, it helps to think of BOE actions as primarily helping banks, and then government, with people a distant third. "Low interest rates" are primarily for the benefit of banks, not you or I. It allows *them* to get hold of money cheaply, not you.

If it were for *our* benefit, my credit card cash rate wouldn't carry a 27.9% APR.

Share this post


Link to post
Share on other sites

They don't want your business, they want you to move.

Those with with the best SVR are those on the Nationwide BMR promise base rate + 2%.

You have a choice either be shafted or be shafted.

Dont forget that Lloyds customers were offered the same +2% promise on their Cheltenham and Gloucester mortgage SVR too.

Share this post


Link to post
Share on other sites

............................

Despite "years of low interest rates" criticised in the papers - I don't seem to be able to get low rates myself.

The only possible reasons for this are:

1. You paid too much for the property, so have high LTV

2. You saved insufficient deposit, so have high LTV

3. You have poor history/dodgy job/rubbish self employed records so are above normal risk

4. You've not looked hard enough.

What am I missing?

Share this post


Link to post
Share on other sites

Number 3 on that list - the LTV doesn't make any difference - with BoS you still have to take 6%+ next time you remortgage whatever the LTV (the bank is frankly bankrupt and on UK plc life support) - but obviously if it were not for #3 I would just remortgage elsewhere. BoS is never mentioned in the UK press - it's all RBS this and that - but BoS never gets a look in - they specialise in self-cert and self-employed mortgage-holders, which tells you what you need to know.

The 6.19% applies to all LTV ranges (they'll lend up to 90%) - as long as you need further borrowing when you move and port the product. LTV has nothing to do with this.

The latest "bargain" rates for existing BoS customers are all in http://www.bosmortgages.co.uk/pdf/product-range-and-current-rates.pdf

Edited by pjw

Share this post


Link to post
Share on other sites

Number 3 on that list - the LTV doesn't make any difference - with BoS you still have to take 6%+ next time you remortgage whatever the LTV (the bank is frankly bankrupt and on UK plc life support) - but obviously if it were not for #3 I would just remortgage elsewhere. BoS is never mentioned in the UK press - it's all RBS this and that - but BoS never gets a look in - they specialise in self-cert and self-employed mortgage-holders, which tells you what you need to know.

The 6.19% applies to all LTV ranges (they'll lend up to 90%) - as long as you need further borrowing when you move and port the product. LTV has nothing to do with this.

The latest "bargain" rates for existing BoS customers are all in http://www.bosmortgages.co.uk/pdf/product-range-and-current-rates.pdf

BoS seem to offer a four year fix at 3.99% for existing customers with at least 75% LTV: http://www.housepricecrash.co.uk/forum/index.php?showtopic=196298

Not the most competitive deal, but far better than what you're currently getting.

Share this post


Link to post
Share on other sites

Again, it helps to think of BOE actions as primarily helping banks, and then government, with people a distant third. "Low interest rates" are primarily for the benefit of banks, not you or I. It allows *them* to get hold of money cheaply, not you.

If it were for *our* benefit, my credit card cash rate wouldn't carry a 27.9% APR.

the low interest rates and QE have been official policy to help banks...by keeping asset prices raised....OFFICIAL

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   206 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.